St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1887-06-16
1t Was Senator Sabin's Ticket, and Has
the Promise of Continued Support
Of Eastern Capital.
No Little Enthusiasm Manifested Over
the Revivification of the Great
Corporation.
What Mr. Sabin Has to Say Of the
Company as to It's Past and
Future.


the Minnesota TMesher Manufacturing
company, with which Senator Dwight
M. Sabin has been for SO many years ac-
lively identified. From the outset it
was apparent that there was. an almost
unanimous sentiment in favor of con-
tinuing the senator at the head of the
company, and the opposition to him
dwindled down to the insignificant
amount of proxies representing about
1000 out of s3,OO0,OOO. Representa-
tives of some of the leading financial
institutions of the country were present,
the largest creditors being the National
Bank of the Republic of Philadelphia,
$780, City National Bank of Bridge
port, Conn.,, 50, 600; Potter, Lowell d Co.,
Boston, Mass, $4,000; fremont Ma
tional Dank, of Boston, s66,OOO; Boston
National bank, $4,000; Massachusetts
National bank, $4,000; Amoskeag Say
lngS bank, of Manchester, N. H., S25,-
coo; Union National bank, of Wey-
mouth, Mass, S31 600, and the Mechan-
ics' National bank, of Worcester, Mass,
$4,000, and number of others for
smaller amounts. Business was inaug-
urated in earnest by the selection of a
board of thirteen directors of new
company on solid financial basis, and
the vote on their election showed
eighty-five per cent. of the stock in fa-
vor OF Senator Sabin's ticket, which
was as follows: D. B. Dewey, Ameri-
can Exchange National bank, Chicago;
J. H. Bouve, Boston National bank; W
I'll. Rhwan, National Bank of the Re-
public, Philadelphia; O.. D. Baldwin,
Fourth National bank, of New York
city; r. A. Kirk, St. Paul Har-
yester company; W. A. Rust, fremont
National bank of Boston; w. E. Rice,
City National bank, of Worcester,
Mass; Judge Charles Flandrau, St.
Paul; +. +. Hersey, Saltwater, Mimi;
Harry Truesde1, Minneapolis; Joseph
Paul; +. NJ. Prince, First National bank
of Saltwater, and III. j. Crippen, of
Concord, N. 81. The amount voted at
the meeting represented 50, 73O, 800 of
the S3,000,000 of liabilities, and the
minority made no attempt to put in
their proxies.
Their representative for the board of
directors was E. F. Lawrence, but see
ing no chance for his election,
HIS NAME WAS WITHDRAWN
and he was succeeded by F. M. Prince.
According to the report of the re-
ceiver it was shown that the assets of
the company, including the plant, was
upwards of tour millions of dollars,
and the liabilities about three millions,
and of this latter amount two
and half millions are controlled
by the present board of directors.
The result of the meeting demonstrates
clearly the confidence of the present
stockholders in Senator Sabin's ability
to manage their affairs, and also a dis
position to aid him in every way to
fhxyart tho QffOrtc tbot bod boor, ,ooSlo 70
break him down politically and finan-
cially, and in fact this was the substance
OF the remarks of the financiers at the
meeting. 1t was also stated that some
of the minority had endeavored to un-
load their stock at un.. ..easonable figures
upon the company and, falling in this,
they had tried by the circulation of un-
founded stories to undermine it's sta
bility in financial centres. There was a
free and full interchange of sentiments
as to the future of the company and as
surances were given that it could conf
IDENTIFY rely upon the soundest backing
by Eastern and Western capitalists, who
regarded it as a perfectly safe invest
ment for their money. The result of
the meeting was very gratifying to Sen
ator Sabin, who was present part of
the time during. the proceedings, and
subsequently the senator said to
representative of the GLOBE.
WHAT THE SENATOR SAID.
This means speedy organization Of the
car company affairs and the interest of the
creditors and stockholders who have hereto
fore been fOiled in their efforts by series of
determined litigations, backed principally by
parties who at the last moment when they
discovered the possible action which has
eliminated to-day, in placing the manage
ment of the property i'll the hands of the
Thresher company and the principal outside
creditors, were suddenly seized with Wig
orous attack of extreme honesty and sleep
less anxiety on behalf of the poor creditors
whom they have been fighting and fooling in
their efforts for two years and a half. They
Immediately presented new scheme for the
ostensible protection of these same creditors,
which, with their accustomed philanthropy
would give to the creditors one dollar and
themselves three, and at the sane time wipe
out with stroke of the pen the entire inter
est of the stockholders of the concern.
This action to-day vindicates the position
that have maintained from the first in
which have entirely subordinated my indi-
yldual1tles and personal interests, deferring
to the large creditor and stockhOlding inter
ests while my opponents have spent two
years in fruitless efforts to secure a satisfac-
tory adjustment of the affairs of the com
pany. Nothing but prolonged law suits,
enormous expenses and general depletion of
this great property has been accomplished
Less than six months ago these very parties
representing both creditors and stockholders,
appealed to me to assist them in developing
plan of reorganization, by which their in
terests might be protected and speedy settle.
ment brought about, which l cheerfully as
sented to, and the work of to-day is to that
end, and will demonstrate how well these
plans have been accomplished.
In reply to q query if he expected to take
up the active management of this new cor
pOration, Senator Sabin said: Il trust shall
not be called upon or expected to do so. But
i shall hold myself in readiness to facilitate
the working out of these plans, and will
respond to any reasonable demands made on
me for my time, and such ability and knowl-
edge of the business as l may possess. This
is no more than / have endeavored to do
from the beginning"
Canyon give briefly general statement
of the causes which led to the Car company !
disaster in 1872
s'That is worn threadbare, especially so by
a number of offcious gentlemen who have
availed. themselves of every opportunity to
get interviewed upon subjects of which they
knew little, or nothing, and in which most of
them had little or no interest would how
ever. if l thought the public interest de-
manded it, be pleased to make n general
statement correcting the erroneous impress
sions and
RIDICULOUS AND FALSE
statements heretofore made. the object of
which confess never could understand
But it is not necessary; / will simply state
that the company S business grew far beyond
the expectation of its promoters.
''TheSvcry long credits demanded on thresh-
ers and engines, the low prices of whcat,ren-
dering collections slow and high, ran beyond
the expectations of the concern. The de-
preston of car building, from which the Car
company expected large returns, proved,
Instead OF a aremuneTativc source, a source of
great expense and ultimate loss. The great
firpS .Qf January 1884 w